VANCOUVER, BC, April 4,
2022 /CNW/ - Reconnaissance Energy Africa Ltd. (the
"Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF)
(Frankfurt: 0XD) is pleased to
provide an exploration update for the Kavango Basin in NE Namibia and NW
Botswana, highlighting multiple drilling prospects and new
play types following the integrated analysis of the two
stratigraphic test wells and first phase of 2D seismic.
The initial exploration and development is being conducted in
the first of five sub-basins within the greater Kavango Basin where
the Company holds petroleum rights over the entire sedimentary
basin comprising approximately 8.5 million acres.
HIGHLIGHTS
- The results of the first two stratigraphic test wells drilled
by ReconAfrica and subsequent 2D seismic data acquired in the
Kavango Basin, NE Namibia have
established a significant rift basin similar to the other major
petroleum provinces/rift basins including onshore Africa, and areas of the North Sea.
- Thus far, the integrated interpretation has established three
groups of hydrocarbon opportunities ("Plays"), illustrated in the
Play Map below:
-
- Primary: Karoo Rift Fill (Light Oil)
- Secondary: Intra-Rift Fault Blocks (Light Oil)
- Secondary: Damara Fold Belt (NEW PLAY, Gas/Gas Condensate)
- The work has initially identified five drillable prospects
(including sidetracking of the 6-2 well) and eighteen leads in the
first of five sub-basins. These leads will potentially be matured
to drillable prospects driven by the second phase of 2D seismic
acquisition currently underway.
- Six potential reservoir and four potential source rock
intervals have been established in the basin so far. Initial
thermal analysis indicates the lower Karoo Rift Fill source rocks
should be in the light oil maturation interval.
- New Play established: Interpretation of the first phase of
seismic data also identified a new play, the Damara Fold Belt, that
was not anticipated in the original studies of the Kavango Basin.
These structures as illustrated by the seismic example, delineated
in purple, in the Play Map appear coherent, mappable and
potentially large.
- Termed ASF-1 on the Play Map, an active combustible gas seep
was found that is clearly thermogenic hydrocarbons and part of an
active petroleum system, as confirmed by third party analysis. It
also supports the concept of potentially more than one source rock
system, including both light oil and gas/gas condensate.
- For 2022 ReconAfrica plans to initiate a multi-well drilling
program, beginning with three test wells and a sidetrack of the 6-2
well. Importantly, these will be the first wells drilled into
seismically defined traps with the objective to prove commerciality
of this petroleum system. The Company and relevant governmental
authorities are advancing drilling permits with a target to spud
the first of the three wells in Q2 2022. A more definitive schedule
for construction and spudding the first well will be provided in
the next few weeks.
- The Phase 2 seismic acquisition (approximately 600 kms) is
ongoing with good progress to date, emphasizing prospect definition
and extension into new areas to the east and south.
- Current drilling prospects are shown as black circles on the
Play Map below.
- Additional details on the exploration update including current
drilling plans can be found in a white paper on the Company's
website HERE.
Scot Evans, Chief Executive
Officer of ReconAfrica, commented: "As we continue to progress the
evaluation and exploration of the Kavango Basin, our work to date
has increased our confidence that the Kavango Basin is highly
prospective for conventional oil and natural gas. Building on the
success of our 2021 program, we are now focused on executing our
2022 seismic acquisition and drilling program. As we begin this
second phase of operations, I would like to recognize the strong
support for this project by the Namibian government and local
communities, and to thank all the people within ReconAfrica and its
local affiliates for their incredible effort in deepening our
understanding of the Kavango Basin, what we believe is one of the
largest undeveloped onshore basins in the world."
About ReconAfrica
ReconAfrica is a Canadian oil and gas company engaged in the
opening of the newly discovered Kavango Sedimentary Basin, in the
Kalahari Desert of northeastern Namibia and northwestern Botswana, where the Company holds petroleum
licences comprising approximately 8.5 million contiguous acres. In
all aspects of its operations, ReconAfrica is committed to minimal
disturbance of habitat, in line with best international standards,
and will implement environmental and social best practices in all
of its project areas.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding
Forward-Looking Statements:
Certain statements contained in this press release constitute
forward-looking information under applicable Canadian, United States and other applicable securities
laws, rules and regulations, including, without limitation,
statements with respect to the interpretation and analysis of the
results from the Company's seismic acquisition program and
stratigraphic wells, including such results establishing a
significant rift basin, three groups of hydrocarbon opportunities
in the Kavango Basin and numerous drillable prospects and leads
with potential to mature into drillable prospects in the Kavango
Basin, thermal basin modeling indicating that certain source rocks
will be in a light oil maturation interval and the first phase of
the seismic acquisition program identifying a new play not
anticipated in the original studies of the Kavango Basin and the
potential characteristics of such play, the potential
characteristics of the prospects from the Kavango Basin, including
potential reservoirs and source rock intervals, gas seeps located
on and around the project area of the Company supporting the
concept of potentially more than one source rock system, the timing
for the commencement of, and the goals of, the Company's 2022
multi-well drilling program, including the timing for receipt of
permits required in order to commence the Company's 2022 multi-well
drilling program and the timing for spudding of the first well in
such drilling program, the timing for the provision of a definitive
schedule for construction and spudding of the first well in the
Company's 2022 multi-well drilling program, the Company updating
its resource reports, the Kavango Basin being one of the largest
undeveloped onshore basins in the world and the Company's
commitment to minimal disturbances in line with international best
standards and its implementation of environmental and social best
practices in all of its project areas. These statements relate to
future events or future performance. The use of any of the words
"could", "intend", "expect", "believe", "will", "projected",
"estimated" and similar expressions and statements relating to
matters that are not historical facts are intended to identify
forward-looking information and are based on ReconAfrica's current
belief or assumptions as to the outcome and timing of such future
events. There can be no assurance that such statements will prove
to be accurate, as the Company's actual results and future events
could differ materially from those anticipated in these
forward-looking statements as a result of the factors discussed in
the "Risk Factors" section in the Company's amended and restated
annual information form dated May 19,
2021, available under the Company's profile at
www.sedar.com. Actual future results may differ materially. Various
assumptions or factors are typically applied in drawing conclusions
or making the forecasts or projections set out in forward-looking
information. Those assumptions and factors are based on information
currently available to ReconAfrica. The forward-looking information
contained in this release is made as of the date hereof and
ReconAfrica undertakes no obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
SOURCE Reconnaissance Energy Africa Ltd.